The correct option is all three combined. A handful of unelected tech executives are executing the fastest physical infrastructure build-out in modern history. The burn rate is catastrophic. Silicon Valley empires were built on software. Zero marginal costs. High profits. The physical reality of the AI arms race is actively destroying those famous margins. The median S&P 500 company reinvests about 10% of its revenue back into Capital Expenditures (Capex) and R&D.